Kirkland's (KIRK) Tops Q3 EPS by 96c, Revenues Beat

Kirkland's (NASDAQ: KIRK) reported Q3 EPS of $0.66, $0.96 better than the analyst estimate of ($0.30). Revenue for the quarter came in at $146.61 million versus the consensus estimate of $145.46 million.

"The momentum we established late last year has continued through the third quarter with positive comparable sales in both the store and e-commerce channels exceeding our expectations, significant year-over-year margin improvement and permanent cost reductions driving earnings growth and cash generation," noted Woody Woodward, Chief Executive Officer. "While home furnishing is currently receiving the benefit of the reallocation of customer spending, there is much within this transformation of Kirkland\'s that is a direct result of our own actions and investments. We have elevated the merchandise assortment with improved quality and design while maintaining our value proposition, improved our customer experience both in store and online and adapted our financial and operating infrastructure to maximize profitability. We are pleased with the impact these changes have had on our performance and are even more encouraged by the fact that the benefits have become very evident at these early stages of our evolution."

Mr. Woodward added, "The increased demand driven by our e-commerce channel and the strong performance in both our harvest and Christmas season merchandise more than offset the 51 fewer stores in the base from a year ago. The late October re-launch of our loyalty program has already added hundreds of thousands of new members in a few weeks\' time, and we are pleased with the response to Black Friday and Cyber Monday. Similar to others in our sector, we continued to experience a shift to online during the month of November with Black Friday shopping spread out over a longer period. We believe we have established a good start to the fourth quarter by growing profitability with year-over-year margin gains and a solid comparable sales improvement, particularly in e-commerce."

For earnings history and earnings-related data on Kirkland's (KIRK) click here.

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